Mr Abbott said the scheme would "provide mothers with 26 weeks of paid parental leave at their actual wage, or the national minimum wage (whichever is greater), plus superannuation".

Fathers would be eligible "for two weeks out of the 26 weeks for dedicated parental leave at their actual wage or the national minimum wage (whichever is greater), plus superannuation".

Mr Abbott said all women - regardless of their salary - would be eligible for the paid parental leave scheme, but that it would be capped at a salary of $150,000. This meant the maximum amount a woman could earn over the six months would be $75,000 (six months of actual wages for a woman on $150,000).

He said the scheme was "fully costed and fully funded" at around $5.5 billion a year from July 1, 2015. He said it would be funded through a 1.5 per cent levy on companies earning more than $5 million in taxable income.